Science, Technologies, Innovations №4(32) 2024, 20-27 р.

http://doi.org/10.35668/2520-6524-2024-4-02

Shukurov Orkhan Sadig — PhD student of the Azerbaijan State Economic University, Istiglaliyet, Baku, Sabail,
AZ 1000; +994502026119; orxan@inbox.ru; ORCID: 0009-0006-3680-7676

TRANSFORMATION OF THE BUSINESS SYSTEM MODEL IN THE INNOVATIVE ECONOMY

Abstract. The article examines the development of relations between the business system and the innovative economy in Azerbaijan. The author emphasizes the importance of innovative business in reducing the country’s dependence on the oil and gas sector and diversifying the economy. The article uses statistical analysis, comparison, observation and analogy. The article analyzes the development of the innovative ecosystem in Azerbaijan in recent years, the difficulties faced by entrepreneurs and the transformation of the business system under the influence of innovation. The author examines successful international practices, such as the US SBIR/STTR programs, and makes proposals for the development of innovative business in Azerbaijan.

Keywords: innovation, business system, development, small and medium business, economy, entrepreneurship.

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